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News Link • Business/ Commerce

Sneaker Pawn in Harlem

• http://www.myfoxny.com

Troy Reed got the idea when he would take his son Chase's sneakers for collateral when he would borrow money.

Customers can pawn, sell, or buy from the store.

With seed money collected from selling tens of thousands of dollars in family owned shoes, they set up shop in May.

They are already welcoming a steady flow of customers, all with different needs. Some pawn to pay for funerals, for bail, or school books.

For those unfamiliar with the sneaker world, shoe companies release a new shoe in limited quantities for a somewhat reasonable price. The resale value of that sneaker then grows exponentially.

Here, "used" or "second-hand" often means they left a store and spent the next several years in a box in a closet.

"Hands down, this is a business model that's going to work because there's kids with millions and millions of sneakers," Troy Reed says.

So far, Sneaker Pawn's still waiting to turn a profit and looking for investors to help it grow but Reed says he knew he'd found a successful idea from the first customer he saw on the first day Sneaker Pawn opened.

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